Economic situation under control, signs of revival of economy: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Saturday said that the economy is in good shape and there are clear signs of revival.

''Inflation is under control and there is a clear sign of revival of industrial production,'' the FM said.

She added, ''the scheme of suspension of Duties or Taxes on Export Products is a new scheme, it shall completely replace all Merchandise Exports from India Scheme (MEIS) from January 1, 2020.''

FM Sitharaman said that on September 19, she will meet chiefs of public sector banks to address the concerns of the banking sector.

The measures being announced by the FM are expected to provide a boost to the real estate and automobile sectors, aside from generating more liquidity and demand in the economy.

In her last press conference, Nirmala Sitharaman had said that the government is fully aware of the ongoing slowdown and is taking measures to revive economic growth.